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Oil falls because of rising global supply

Oil fell on Monday, which led to large losses at the end of last week due to the growth of drilling activity in the United States and the weakening of growth in supply as OPEC and non-OPEC exporters.

10.Jul.17 8:25 AM
By Daria Zaytseva


Oil falls because of rising global supply

Prices fell even as OPEC signaled that it may expand its production cycles, including Nigeria and Libya, whose production has recovered in recent months after the reduction.

Brent crude futures fell 51 cents on the day to $46.20 per barrel by 1120 GMT, while U.S. crude futures were last 49 cents lower on the day at $43.74 a barrel.

The agreement between OPEC and non-OPEC members to cut production until March 2018, did not eliminate the global oil glut.

Several key OPEC ministers will meet non-OPEC Russia on July 24 in St Petersburg, to discuss the situation on the oil markets.

Kuwait said on Sunday that Nigeria and Libya had been invited to the meeting, and their production may be limited until November, when OPEC is scheduled to hold formal talks, Bloomberg reported.

Libya said on Monday it was ready for dialogue but added that its political, economic and humanitarian situation should be taken into account in the negotiations.

The price of Brent crude oil is 17% below their opening in 2017, despite the fact that strictly observes the OPEC agreement to reduce production.

According to data of energy services company Baker Hughes, last week, U.S. energy firms added seven oil drilling rigs, marking a 24-th week of growth of the last 25 and bringing the count to 763, the most since April 2015.

Oil production in the U.S. has risen more than 10% since mid-2016.

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